The Internet has given rise to many smaller companies with more precise functions. In order to accomplish these functions, a company must be able to focus on its primary tasks without having to deal with the outside administration and accounting that gives the business the legs to run.
Many of the savviest small and medium sized business owners are beginning to outsource bookkeeping to third party specialists. Here are seven reasons why you might want to consider the same thing.
1 – Outsourcing your bookkeeping is a huge time saver.
When you outsource your accounting to a team of specialists, they can get much more done in the same period of time as you can. This is the only reason why people hire any business in the first place! Take advantage of every minute that you have in the business day – speeding up your workflow by outsourcing to a quicker company will only improve your ROI.
2 – In the long run, your business will end up saving money.
According to ProNumbers, “Experts will undoubtedly be able to find places where you can cut costs, save on taxes and move assets around in order to maximize their value. The people who study this will be privy to many tricks that you simply have not had the time to research properly.”
3 – You now have genuine expertise on your side that will protect you.
If you run into an audit situation, you will have expertise on your side that will organize your case. Even if you never get audited by the government, you may have to prove your financial viability to a lender or to a large client, supplier or partner. Your bookkeeping company will be able to put together records in the language that the accounting team on the other side of the table can understand.
4 – Your in house staff will now be able to focus on the tasks that you actually hired them to do.
In a small or a medium sized business, most people have to wear many hats. If your in house staff is focusing on bookkeeping tasks, then they are losing time on the tasks that they have actually been trained to do. This is not only losing time, but it is also slowing down the work process. If everyone focuses on the task that they are best at, productivity is maximized in the workplace.
5 – You get many people for the price of one person when you outsource.
Many companies try to hire one person in house in order to take care of bookkeeping. However, a small business can hire an entire department for the price of one person if the situation is completely outsourced.
6 – You will gain access to the latest bookkeeping technologies instantly.
Again, researching the latest technology in a certain industry takes a long time and is best left to the specialists that are actually in that industry. Part of outsourcing to a specialist company is to gain access to the technologies that they have been keeping up on.
7 – Your business will gain the ability to scale without slowing down operations.
Every business is looking to grow. This is less difficult to do when you have an entire staff working your books for you. They will be more easily able to scale up with you as your business takes off. In the same way, you can also cut back without having to let people go.
There are many other reasons to outsource your bookkeeping to a specialist; however, these seven are definitely reason enough. Consider it for the benefit of your company!
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References –
1 – http://www.washingtonpost.com/news/on-small-business/wp/2015/03/10/commentary-why-my-small-business-and-many-others-arent-hiring/
2 – http://www.argusleader.com/story/news/business-journal/2015/02/18/businesses-outsource-bookkeeping/23582249/
